3pm update - a week for the bears

US equities remain significantly weak, with the threat of a key break of the sp'2039 low.. along with a weekly VIX close in the 17s. However, regardless of the close... it has been another week for bears, with a third consecutive net weekly decline for the sp'500.


sp'60min

VIX'60min

Summary

*it is kinda surprising to note that we are set for a third net weekly decline. The weekly candles are HIGHLY suggestive that sp'2000 will be hit.. whether from a straight move.. or via a bounce into the 2070s.
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So... Oil settles the week in the $44s.... dire. The $43 low is not going to hold.. is it?

In which case... energy stocks are going to get trashed... and that will take down the rest of the market with it.
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The really interesting aspect to all this... the March monthly close could be truly stinky... which will open the door to much more 'interesting things'.


3.30pm... Market attempting a late day mini ramp.. .but it won't be able to stop a net weekly decline.

Any move to 2070 looks like the easiest re-short level for some considerable time.


3.42pm.... short-stop cascade.. with sp'2052... 

Price action though does not support the broader bullish case next week.. from a purely technical perspective..the damage has been done.

back at the close!